State law now requires officials to calculate limits on rent hikes each year, based on inflation. The new law says annual rent a tenant pays can’t go up by more than 7% plus inflation or 10% – whichever is lower. The Department of Commerce recently announced rent hikes will be capped at 10% for the rest of this year. Critics say the caps will doom the state’s already strained housing supply. But backers of the caps say they provide renters with predictability in order to stay housed. Officials are expected to announce next year’s rent hike limits sometime this summer.
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